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Differences between economies notwithstanding, nationalism has been all but snuffed out.
In terms of purchasing-power parity (after adjusting for price differences between economies) it is second only to the United States with an 11.8% share of world GDP.
But, in spite of Mr Greenspan's scepticism, economists do analyse the real differences between economies and try to make judgments about the direction in which currencies might move in the future if they were to reflect these underlying factors.
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The IMD uses a special transformation formula a standard deviation method which measures the relative difference between economies' performances.
The major differences between European economies and the US economy are the prevalence of collective bargaining and the growth of legislation restricting working hours.
This is even more than the difference between economy and first class on an aeroplane.
Many European countries like the idea of a Eurobond, because it might prevent private markets from trading on the differences between national economies and policies.
Thanks to C r A. Hidalgo of the M.I.T. Media Lab, we can now visualize the differences between national economies in new ways.
Keeping in mind the stark differences between the economies of the US and Japan one of the lessons that Treasury Secretary Tim Geithner, then a young financial attaché in Japan, "took away from that experience is that spending must come in quick, massive doses, and be continued until recovery takes firm root".
There may be some truth in this charge, but Europe's caution also reflects important differences between its economy and ours, as well as a profoundly different attitude toward things like inflation and debt.
The difference between old-economy and new-economy companies is that the latter are often unprofitable, and thus crash and burn when venture capitalists pull out their cash.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com